Is Really More economical & practical to buy existing property than to buy a new home

**florida real estate** · 01-03-2010, 10:56 PM

It is a common misconception that buying a new home is more expensive than buying an existing property. Technically, this is true. The figures can say it all. But the thing is that many people neglect the fact that cost can sometimes drain you when it already comes to maintenance.

Maintaining a home is an old paradigm to almost all consumers or homeowners. Maintenance equals work. Just as with your car, where you change the oil on a routine basis before it affects performance, the same applies to your home.

But this does not necessarily mean that maintenance can be directly applied to an existing home. That is because, with an existing property, maintenance is not the main issue, it is the remodeling, which can really cost a lot compared to other home expenditures.

Maintenance goes well with a new home. You need to keep a new home clean and attractive before it looks bad. Hence, you try to maintain the new look that it has from the day it was built up to the day you have finally decided to own it.

**markbrian** · 01-04-2010, 06:52 AM

Very good points! Sometimes an experienced REALTOR will be needed to point out the advantages or disadvantages of an older home compared to a similar new home in the same general area.

If I have a choice between a new vinyl sided built on slab home versus an older well maintained brick home built on a crawl space or with a basement, the older home would appear more favorable to me. The potential buyer's tastes are paramount also!

**First Time Home Buyers** · 01-11-2010, 07:41 AM

The biggest thing for my clients who are buying is that they want to live in areas that are already built up. So even finding a lot in these established regions can be tough, and once you do it's not a very desirable lot and usually over-priced. They can buy pre-existing for much less than the lot plus building costs.

Now if you're wanting to buy out in the suburbs or country, that's a different story.

**gdgrl** · 01-29-2010, 07:25 PM

New is definitely not the best choice. I have homes that are brick and mortar which add up to 20%- 40% climate control. Greening the house was cheap five years ago.
Average 50% savings on water, 33% on heat.

**reuvas** · 01-30-2010, 04:43 AM

I also agree with this that we always feel this misconception that by investing in used property we get benefit but the cost we need to pay on renovation is always underestimated. and that home is really not built as per our needs so overall we are realy loosing.

**icondos** · 02-05-2010, 03:50 AM

There are things which we desire that we can't find in a new one. But we always think how we can save. And in buying, new homes are more desirable, new homes are built for convenience, for comfortability. Older ones have something that isn't good to have. And as you said, remodelling will cost you more. We just look on how worth things outwardly. Inconsiderate of what are the extended costs.

**sandrah** · 02-11-2012, 04:36 AM

When I wanted to buy a flat, I had a choice between a new one and the second hand flat. I chose the second hand flat as it was not necessary to do some reparing immediately and I saved money in such a way. When you buy a new flat or a house in my area, you need to have lots of extra money to repair and install everything there.